MSME Registration
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what is msme in india ?
MSME means Micro, Small and Medium Enterprises. In India, these enterprises significantly contribute in the growth and development of the Indian economy. The MSME sector contributes around 30% of the country’s GDP and generates employment for over 110 million people. The Indian Government has introduced a number of policies and schemes to encourage and support the expansion of the MSME sector.
MSME registration is a process through which a business can be registered under the MSME Act, 2006. It provides various benefits and incentives to the registered MSMEs, such as access to credit, subsidies, and government schemes.
who can apply for msme registration ?
Only those businesses that fall under the definition of MSME can register.
An enterprise shall be classified as a micro, small or medium enterprise on the basis of the following criteria, namely :
- A micro enterprise, where the investment in plant and machinery or equipment does not exceed one crore rupees and turnover does not exceed five crore rupees.
- A small enterprise, where the investment in plant and machinery or equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees; and
- Medium enterprise, where the investment in plant and machinery or equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.
documents required for msme registration :
- 1.Aadhaar Card: The Aadhaar card of the proprietor, partner, or director of the business is required for MSME registration.
- 2.PAN Card: The Permanent Account Number (PAN) card of the business is required for MSME registration.
- 3.Bank Account: The enterprise should have a bank account in the name of the enterprise.
- 4.Proof of business registration or Incorporation certificate.
- 5.Address proof of the place of business.
- 6.Identity and address proof of promoters/director.
- 7.Bank Account statement/Cancelled cheque
- 8.Digital signature.
MSME registration process :
The process is online.An enterprise for the purpose of this process will be known as Udyam and its Registration Process will be known as ‘Udyam Registration’. A permanent registration number will be given after registration. After completion of the process of registration, a certificate will be issued online, having a dynamic QR Code from which the web page on MSME Portal and details about the enterprise can be accessed. There is no need for renewal of Registration.
Benefits of msme registration in india :
- 1. Credit Guarantee Fund Scheme: The MSME registered businesses are eligible for a credit guarantee fund scheme. Under this scheme, collateral-free loans up to Rs.2 crores are provided to MSMEs by banks and financial institutions.
- 2. Subsidies: The government provides various subsidies to MSMEs such as subsidy on capital investment, technology up-gradation, etc.
- 3. Priority Sector Lending: The MSME sector is considered a priority sector for lending by banks. This means that banks have to lend a certain percentage of their funds to MSMEs.
- 4. Income Tax Exemption: The MSMEs with a turnover of up to Rs.100 crore are eligible for income tax exemption for three consecutive years under the Start-up India scheme.
- 5. Government Tenders: The MSMEs are given preference in government tenders, and 25% of the government procurement is reserved for MSMEs.
- 5. Government Tenders: The MSMEs are given preference in government tenders, and 25% of the government procurement is reserved for MSMEs.
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